Key Points:
- Auction numbers are on the rise as spring nears, but clearance rates have seen a decline.
- This weekend’s national auction market reported a clearance rate of 61.7%, down from the 66.6% recorded the previous weekend and significantly lower than the 74.9% reported this time last year.
- National auction listings increased again, with 2,072 properties listed this weekend compared to 1,980 last weekend and 1,867 during the same period last year.
- As we approach spring, auction numbers are expected to keep rising, potentially challenging early-season buyer interest.
Auction numbers continued to increase this weekend as spring approaches, but clearance rates were generally lower.
Auction results around Australia (August 24th 2024):
| Capital City | This Saturday | Last Saturday | Saturday Last Year | |||
|---|---|---|---|---|---|---|
| Auctions | Rate | Auctions | Rate | Auctions | Rate | |
| Sydney | 859 | 72.8% | 809 | 71.9% | 736 | 78.9% |
| Melbourne | 942 | 63.5% | 856 | 65.1% | 887 | 69.6% |
| Brisbane | 94 | 51.0% | 120 | 57.1% | 66 | 75.6% |
| Adelaide | 108 | 71.1% | 108 | 75.1% | 95 | 91.9% |
| Canberra | 69 | 50.0% | 87 | 60.6% | 83 | 58.7% |
The national weekend auction market saw a clearance rate of 61.7%, down from the 66.6% reported the previous weekend and significantly lower than the 74.9% recorded during the same weekend last year.
However, national auction numbers increased over the weekend, with 2,072 listings compared to 1,980 the previous weekend, and well above the 1,867 listed during the same weekend last year.
Auction numbers can be expected to continue to rise over coming weekends and will test early spring buyer depth.
Sydney auction results
Despite a rise in pre-spring listings, the Sydney auction market reported an increase in the clearance rate over the weekend.
In Sydney, the auction market saw an increase in clearance rates over the weekend, reaching 72.8%. This was an improvement from the previous weekend’s 71.9%, though still below the 78.9% achieved the same weekend last year.
Auction numbers rose to 859 listings, up from 809 the prior weekend, and remained higher than the 736 listed during the same period last year.
The median price for houses sold at auction in Sydney was $1,715,000, unchanged from the previous weekend but up 9.2% from $1,570,000 a year ago.
Regionally, the Lower North led with the highest clearance rate at 82.6%, followed by the Northern Beaches at 78.5% and the City and East at 77.9%. The West recorded the lowest clearance rate at 60.3%.
For property types, houses had a clearance rate of 74.7%, while units saw a lower clearance rate of 69.4% this weekend.
Sydney region auction results (August 24th 2024):
| Region | Results | Clearance rate | Median |
|---|---|---|---|
| Canterbury Bankstown | 38 | 73.7% | $1,461,000 |
| Central Coast | 5 | 66.1% | $907,500 |
| City and East | 86 | 77.9% | $1,370,000 |
| Inner West | 78 | 73.3% | $1,815,000 |
| Lower North | 45 | 82.6% | $2,580,000 |
| North West | 31 | 63.6% | $1,967,500 |
| Northern Beaches | 29 | 78.5% | $1,975,000 |
| South | 62 | 72.1% | $1,648,000 |
| South West | 26 | 62.9% | $1,218,000 |
| Upper North Shore | 50 | 75.9% | $2,313,750 |
| West | 39 | 60.3% | $1,136,000 |
| Houses | 365 | 74.7% | $1,715,000 |
| Units | 153 | 69.4% | $960,000 |
| Total | 489 | 72.8% | $1,530,000 |
The highest auction sale reported in Sydney over the weekend was a 5-bedroom house located at 154 Macpherson St, Bronte, which sold for $13,000,000.
On the other end of the spectrum, the most affordable property sold was a 1-bedroom unit at 1/57A Albert Cr, Burwood, which went for $472,000.
Top Sydney sales (August 24th 2024):
| Region | Results | Clearance rate | Median |
|---|---|---|---|
| Canterbury Bankstown | 26 | 76.5% | $1,271,000 |
| Central Coast | 7 | 80.2% | $1,617,500 |
| City and East | 72 | 74.7% | $1,175,000 |
| Inner West | 82 | 75.7% | $1,815,000 |
| Lower North | 41 | 77.6% | $1,555,000 |
| North West | 32 | 64.9% | $2,030,000 |
| Northern Beaches | 19 | 74.5% | $2,415,000 |
| South | 43 | 68.0% | $1,421,000 |
| South West | 30 | 49.6% | $1,350,000 |
| Upper North Shore | 55 | 70.6% | $2,300,000 |
| West | 50 | 72.2% | $1,118,000 |
| Houses | 340 | 72.9% | $1,715,000 |
| Units | 140 | 69.6% | $950,000 |
| Total | 457 | 71.9% | $1,531,500 |
Melbourne auction results
Melbourne experienced a notable increase in auction activity over the weekend, though clearance rates remained consistent with those of the previous week.
The city achieved a clearance rate of 63.5% on Saturday, slightly down from 65.1% the week before and lower than the 69.6% recorded during the same weekend last year.
Melbourne saw a significant rise in auction listings over the weekend, with 942 homes listed. This marked a notable increase from the 856 auctions held the previous weekend and was also higher than the 887 listings recorded during the same weekend last year.
The city reported a median auction price of $991,000 for houses, up from $973,500 the week prior, but still 8.9% lower than the $1,087,500 median from the same weekend last year.
The South East region achieved the highest regional clearance rate at 77.2%, followed by the Inner East at 65.9% and the Outer East at 65.6%. The North region had the lowest clearance rate at 52.8%.
Overall, the house clearance rate was 64.1%, while units experienced a lower clearance rate of 60.9% for the weekend.
| Region | Results | Clearance rate | Median |
|---|---|---|---|
| Inner East | 83 | 64.5% | $1,650,000 |
| Inner East | 87 | 65.9% | $1,550,000 |
| Inner South | 108 | 63.5% | $1,240,000 |
| Inner Urban | 76 | 63.8% | $1,067,500 |
| North East | 100 | 65.5% | $792,000 |
| Northern | 73 | 52.8% | $795,000 |
| Outer East | 93 | 65.6% | $1,188,000 |
| South East | 44 | 77.2% | $831,893 |
| West | 125 | 59.8% | $782,500 |
| Houses | 568 | 64.1% | $991,000 |
| Units | 138 | 60.9% | $685,000 |
| Total | 706 | 63.5% | $900,000 |
Melbourne’s most notable auction sale over the weekend was a 4-bedroom house at 23 Martin St, Brighton, which sold for $4,530,000.
The most affordable property sold at auction in Melbourne was a 3-bedroom house at 1/19 Housden St, Broadmeadows, which fetched $340,000.
Top Melbourne sales (August 24th 2024):
| Address | Price | Agent |
|---|---|---|
| 23 Martin St Brighton | $4,530,000 | Marshall White Bayside |
| 37 Pleasant Rd Hawthorn East | $3,450,000 | Jellis Craig |
| 216 Gillies St Fairfield | $3,176,000 | Jellis Craig Ivanhoe |
| 36 Croydon Rd Surrey Hills | $3,060,000 | Marshall White |
| 255 Coppin St Richmond | $2,800,000 | O’BRIEN REAL ESTATE |
| 10 Mccarron Pde Essendon | $2,775,000 | McDonald Upton |
| 10 Oak St Beaumaris | $2,575,000 | Marshall White Bayside |
| 11 Richard St Doncaster East | $2,560,000 | Jellis Craig Doncaster |
| 34 Hawson Av Glen Huntly | $2,516,000 | Gary Peer |
| 17 Strathalbyn St Kew East | $2,500,000 | RT Edgar Boroondara |
Brisbane auction Results
Top Brisbane sales (August 24th 2024):
| Address | Price | Agent |
|---|---|---|
| 24 The Drive Bardon | $4,600,000 | Ray White |
| 11 Moynihan Street Ascot | $2,850,000 | Place |
| 41 Gimba St Mitchelton | $1,900,000 | Garry Jones Homes Pty Ltd |
| 97 Waterbrooke Cct Drewvale | $1,510,000 | Ray White Rochedale |
| 23 Fooks St Carindale | $1,480,000 | Torres |
| 120 Hawthorne Rd Hawthorne | $1,455,000 | Place Estate Agents – Bulimba |
| 52 Foxmont Dr Carina | $1,440,000 | Place Estate Agents – Bulimba |
| 5 Maurice Av Salisbury | $1,315,000 | Ray White Annerley |
| 9 Bridelia St Algester | $1,205,000 | Ray White Rochedale |
| 12/250 Scrub Road Carindale | $990,000 | Ray White |
Adelaide auction results
Top Adelaide sales (August 24th 2024):
| Address | Price | Agent |
|---|---|---|
| 48 Dover St Malvern | $2,138,000 | Harris Real Estate |
| 47 Labrina Av Prospect | $1,975,000 | Ray White Gawler |
| 62 Malvern Av Malvern | $1,860,000 | Ouwens Casserly |
| 4 Hawke St Linden Park | $1,850,000 | Ray White Burnside |
| 8 Kurralta Dr Burnside | $1,700,500 | Harris Real Estate |
| 3 Belmont St Lower Mitcham | $1,555,000 | Harris Real Estate |
| 6 Davey St Parkside | $1,400,000 | Harris Real Estate |
| 17 Florence St Fullarton | $1,331,000 | Ray White Burnside |
| 1 Olive St Magill | $1,305,000 | Harris Real Estate |
| 11 Westwood Ct Oakden | $1,170,000 | Ray White Prospect |
Canberra auction results
Top Canberra sales (August 24th 2024):
| Address | Price | Agent |
|---|---|---|
| 4 Dolly Mcgrath St Duffy | $2,100,000 | Blackshaw Gungahlin |
| 21 Lawley St Deakin | $1,790,000 | Blackshaw Manuka |
| 50 Newdegate St Deakin | $1,700,000 | Luton Properties – Manuka |
| 20 Borrowdale St Red Hill | $1,682,000 | Morrell Property |
| 1/36B Duffy Street Ainslie | $1,650,000 | LJ Hooker |
| 9 Gould St Turner | $1,500,000 | Ray White Canberra |
| 17 Clancy Mckenna Cr Bonner | $1,305,000 | Stone Gungahlin |
| 26 Cooley Cr Casey | $1,285,000 | Luton |
| 9 Whitham Pl Pearce | $1,180,000 | Blackshaw Manuka |
| 13 Wagga St Farrer | $1,100,000 | Ray White Canberra |
What This Means for Buyers and Sellers
The market is heating up as we move into spring, with increasing auction listings potentially putting downward pressure on clearance rates. For sellers, this may mean being prepared for a competitive market. Buyers, on the other hand, could find opportunities as more properties become available, but should also be aware of the market dynamics that could affect pricing and negotiation.
Whether you’re looking to buy or sell in this evolving market, expert guidance can make all the difference. Reach out to Vantage Financial for personalized advice and support in navigating the auction market. Contact us at 1800 595 500, email us at service@vantagefinancial.com.au or support@vantagefinancial.com.au, or visit our website at vantagefinancial.com.au to learn more.
